tv Wall Street Week FOX Business January 20, 2018 12:00am-12:30am EST
mark: no tbheart you think of him, he has taken more incoming fire than any human i >> shannon: coverage of the coverage shutdown, this is shannon breen, we have reached midnight, it is official. there has been a lapse in government funding. the united states senate has not been able to finish the job before the midnight deadline. now the very functions of the government that we've been talking about will slowly start to phase out and shut down in many agencies across the country. chief congressional correspondent mike emanuel tracking this, joins us live from the hill. >> democrats blocked a four-week funding extension, 50-48 but the vote had a 60-vote threshold. settle off a flurry of activity on the senate floor where
conversation continueded trying to come up with some alternative plan to keep the government lights on for an extended period of time. some republicans floated the alternative, three-week funding extension on allow time for no, on a budget agreement. and the status of those young people got illegally by their parents. also avoid more of a government shutdown, government funding drama before president trump gives his first state of the union adroes january 30. earlier that was hope, two new yorkers, president trump and the senate democratic leader would be able to cut a deal. >> we had a long and detailed meeting. we discussed all of the major outstanding issues, we made some progress but we still have good number of disagreements. discussions will continue. >> red state democrats donnely, jones, heitkamp, manchin, mckas kell voted in favor of the
four-week extension. dilemma for republican leaders four republicans voted against it. flake, graham, lee, and rand paul of kentucky. earlier the majority leader was clearly irritated with senate democrats. >> this is completely unfair and uncompassionate for my democratic colleagues to filibuster government funding, harm our troops, or jeopardize health coverage for 9 million children because extreme elements of their base want illegal immigration to crowd out every other priority. >> most senators from both parties throughout the course of the day seemed hopeful and looking for an escape hatch to avoid a government shutdown. they didn't seem to know how they would get there. but the democrat stayed so focused on the immigration deal with the clock ticking on government funding. shannon? >> shannon: mike emanuel live on the hill for every twist and turn, we'll check back with you shortly. the schumer shutdown, that's
what the white house is calling it. chief national correspondent ed henry joins us with the intense politicking and bickering. we have passed the midnight deadline and moving forward. >> what's new is that the white house is finally officially weighed in. we were talking a few moments ago, are they going to be more constructive and say, okay, let's work this out. or are they going to go hard against chuck schumer, and slam the democrats. i can tell you they picked the latter. this statement in the name of sarah sanders, the white house press secretary is tough and as a trumpian flair, calling democrats losers. here's the statement. senate democrats own the schumer shutdown. this from sarah sanders. tonight, they put politics above our national security. military families. vulnerable children and the country's ability to serve all americans. we will not negotiate the status of unlawful immigrants while democrats hold our lawful citizens hostage over their reckless demands.
this is the behavior of obstruction interest losers not legislators. when democrats start paying our armed forces and first responders we will reopen negotiations on immigration reform. during this politically manufactured schumer shutdown, the president and his administration will fight for and protect the american people. that a statement literally just coming in the last moment or two from sarah sanders, the white house press secretary, taking a tough, partisan tone saying that democrats are losers not legislators. sounds like something that is coming straight out of a presidential tweet. and also, to be fair here, it's out of the playbook, frankly, of democrats in 2013 who were charging that it was the republicans who were obstructionist for shutting the government down then, they were holding the nation hostage. some of those same lines, now, are being turned back around against the democrats when they used it during the obama days.
you can tell also that politically, from that statement, this white house thinks and we'll see whether they're right or not, they can weather the political storm from a government shutdown by saying we're not negotiating until schumer backs down. they think inside the white house from my conversations with senior officials there, that chuck schumer overplayed his hand on daca and they are going to push back here and say we gave you six years of an extension, a long time for children's health insurance, a program, chip as it's known that, democrats said they had to have. the president gave on that. said he's willing to work on daca. the bottom line is, this white house is taking a very hard line in these negotiations. >> shannon: sounds like it from that statement. all right, ed henry live on the beat for us, thank you. the president foreshadowing a shutdown a short while ago, tweeting, quote, it's not looking good. white house correspondent kevin cork joins us with where the white house goes next. >> you're right.
it was interesting to watch the trajectory as we were watching it play out, shannon, clearly, you had a glimmer of hope, maybe, around 5:30 or so. let me take to you twitter. give the folks at home an idea of what we were sort of experiencing with the president as he took to twitter. you may call he had the meeting with chuck schumer, president said it was an excellent meeting saying the following. excellent meeting with chuck schumer. then we noticed a few hours later that he began to say what you've been saying for the most part all night long, not looking good. well, tonight, the hard work obviously continues down the road, pennsylvania avenue. now, earlier today i want to share this, mick mull vain yea called of the the democrats saying this has everything, everything they asked for, save for a daca fix. >> four clean crs, there are four extension to the chip
program, many of them support the delay, some of the taxes, more specifically the medical device tax, the cadillac tax. they don't oppose anything in the bill. but they are opposing the bill. >> they're posing the bill. i literally, moments ago before coming out here, just wanted to see what's happening upstairs. i've been on the phone like most of my colleagues throughout the night checking in with our sources trying to figure out where we go from here. the president won't make his way down to march a la go, he hopes to get this pushed over the finish line. the president, his chief of staff john kelly continued to make phone calls in the hopes that they can craft a deal to keep the government funded eventually. right now as you point out, it is shutdown time. >> shannon: thank you, update us as you hear more, kevin. the blame game gints in earnest.
fox news political anchor bret baier is back with us. it's officially happened. that rest of the conversation is going to start. >> bret: i feel like lindsey graham, shuttling between studios. but if you look at the floor, put that up, it's interesting to watch, these groups meeting, lindsay graham still holding court with democrats. now you have a group of republicans, pat too maniy there, you see -- toomey, barasso. on the other side, the democrats meeting, laying out i think the details have what they're trying to do. mitch mcconnell looks like he's getting ready to give a speech, maybe they're coming to the end of this. this bill has been open for some time. talk about the blame game. just to give you a flavor of where this may have gone wrong for democrats, the associated press, the story that is on the line now, says senate democrats derail bill to avert shutdown. that's the headline of the a.p. story, senate democrats derail
bill to avert shutdown. that gives you a sense that the blame game, how ever it is portrayed, is going to be a little tougher for democrats. they had that bill in front of them to not do what we are now. >> shannon: if this administration is trying to be careful, they control house senate and white house to make this as painless as they can for the public, that's going to factor in as well. people aren't going to be showing up and being denied services in important places. social security checks go out, all of those important things continue to happen. they aren't fog to put the public face on it like we saw in 2013 when it was a more adversarial government. >> bret: they will go go out of their way. and while they have the majority in the senate, they'll say they don't control it. they don't have the 60 votes. you may hear the president weigh in on that. earlier tonight, sarah sanders tweeted democrats can't shut down the booming trump economy. are they now so desperate
they'll shut down the government instead. you heard this from the president, he thinks the luck of the tax cuts is part of the reason you get into the shutdown. he may have a point if the shutdown goes for some time. for example, at the irs, almost 56% of irs employees would be sent home as nonessential. now, this is an irs that is trying to transition to the new tax law that is going to be bombarded by questions from taxpayers around the country. tax filing season starts in less than two weeks. if the shutdown continues for several days it becomes an issue on the tax front. >> shannon: and people's lives trying to get answers and move forward. what did you think today's politico had a piece the white house was trying to distant the president from this, sending out mick mulvaney, and others, attempts to make sure the president is not tarred and feathered with this. it is what happens on capitol hill as we watch the conversations in the back and forth and the negotiations,
senator corker up there. >> bret: with a number of democrats also. >> shannon: that's not a pair you see often the together on any substantive policy thing. they're trying to get something done or they would have called it a night and left. this vote is technically still open. we see the wandering between the two groups. clearly there are bipartisan conversations going on, on the floor of the senate right now, as they know, officially entered shut down territory, 11 mince ago. it looks like the negotiation continues. bsh you can see elizabeth warren saying something in an animated way. which you can schumer sitting down and the senators gathered around him. on the other side, you have lindsay graham talking to senator cornyn and others, senator grass lee, lamar alexander trying to peek in. going from group to group to try to get some, iron out some
details that perhaps allow some negotiation to go forward. if the bill is changed substantially, it has to go back to the howls. it could be -- to the house. could be approved by a voice vote but there's a potential problem if it's changed significantly over there. i think that they're trying to get to a continuing resolution with a possible promise that they're going on move on to immigration in this short period of time. >> shannon: interesting, on the house side they were trying to get their measure passed and they say, quote, we've done the work, it's up to the senate now. that was one of the things that many in the freedom caucus said they would push for. they wanted a guarantee for their votes, that there would be a legislative vehicle, maybe the goodlatte bill, they wanted that, they wanted to it get to a vote. there was a trade-off there. so that happened enter-party. may have to happen across the aisle as well. we see a lot of folks, now, they
look congenial still at this point, still smiles on faces, people look a little bit weary. maybe that's one of the tradeoffs, we vote on this tonight but we get to a daca measure within a certain number of days. we have a debate over how long this will be. even if they agree to something, one of the proposals five days, the other in a two week range, we will be doing this again. bret, we will be sitting here again doing this not too long from now. seems like the american public is getting distaste for this and governing from crisis to crisis. >> bret: you're looking on the left side of the screen, senator cotton with folded arms, and senator cornyn talking, two of the conservatives on immigration that would be pushing back against something that gave up a lot of the headway. senator kennedy from louisiana, my favorite sound bite. >> shannon: he is a quotable guy, every week. >> bret: this sums it up. i'd like to go back to america but i'm stuck in washington. and i think that's the feeling for a lot of people at home, this place isn't working.
no matter what party you support, it's not working. now they're gathered around mitch mcconnell, which you can schumer next to mitch mcconnell, we could be getting to a point where both sides are ironing out details. this is how the sausage is made, they're writing legislation on the senate floor to come up with the specifics on this continuing resolution. we are 14 minutes and 12 seconds into one year since the inauguration. this kay, on january 20 on this day. we are in a place where technically there is a partial shutdown of the u.s. government. >> shannon: it is, again, phases in slowly, there is discretion in a lot of agencies. some don't have any at all. as you speak of senator kennedy, republican from louisiana, also said this, he said our country was founded by geniuses but it's being run by idiots. >> bret: yeah. >> shannon: he's very quotable,
you hear the frustration in his voice. he's not a long-time washington guy. he's here and sees it's not, both sides of the aisle would admit, it's not functioning according to order. >> bret: this is my last senator kennedy, be yourself, unless you suck. i think they're going to get to something here. it seems like they're breaking up. we may be getting to a conclusion. when they get to the lecterns there, and once you start hearing the audio from the senate floor, you know that they're moving forward. remember, this vote failed. they did not get the 60 votes on the original house bill, that was a continuing resolution for four months. included six years of renewal for the children's health insurance policy. we may be getting close to an alternative at this moment.
>> shannon: all right, bret, stick around, we'll see what they come up with. looks like ak tiflt may be moving forward to a statement on the senate floor. analysis continues, now, on fox news channel and cable and satellite. more your local news on this fox station. i'm shannon bream in washington. they can work in collaboration with the regulated parts of the industry to become a part of legitimate financial system. maria: i think part of the reason bitcoin sold off is people are worried about heavier regulation. people say why would i tone one of these crypto currencies when they are not backed by the faith and credit of the government. glenn hutchins: there ought to be smart regulation of this industry. bitcoin is like the various currencies are more like
industrial metals. bit coins more like corp than gold. people buy and sell corp. but the reason why copper is valuable is because it's used in wiring homes and has industrial applications. tin and zinc have industrial applications. bitcoin solutions get implemented companies will increase their value. maria: stay with us. we'll find out where glenn is finding opportunity. >> announcer: the markets continue to hit unchart territory. so how is glenn it's easy to think that all money managers are pretty much the same. but while some push high commission investment products,
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maria: we are talking to glenn hutchins. you are a titan when it comes to investing. we know your background. particularly when it comes to financial services and technology. you are relatively new firm, north island, is scaling that up and acquiring companies, technology used in financial services. where are you finding opportunity? glenn hutchins: we are building up five platform companies in scale businesses that operate at the intersection of financial services and technology. the first investment was a trading technologies company and we infused capital to buy knight capital and we are combining the two companies and creating one
of the world's largest electronics marketers. my partner is the chairman. it's a team effort. but the -- and so we believe that has -- what that is is a company with cutting edge technology, high frequency technology pointed in the right direction which is market making. 270 markets trade electronically around the world. maria: i don't think they had a down day. glenn hutchins: they had very few. they built a phenomenal business and we are pleads to be their partners. then we are building up three or four other of those platforms such as software payments, and other verticals like that.
the idea it's not a private equity fund, it's five separate companies we'll hold and manage, operating at scale at the intersection of financial services and technology. maria: when you look at the industry, financial services and technology, how does it change in the coming five years? tell us how it grows. glenn hutchins: there are massive changes. induced mostly by technology. so financial services has from the beginning of time been an industry most of susceptible to technological disruption. almost everything it does can be digitized. so the -- now with this massive pace of technological change, where you have the mobility, it's a lot of things people do in terms of their financial services can be done on these
devices. where you are introducing artificial intelligence and later quantum computing into the cloud. you can have a lot of analyst is and intensive activity happening there, where you are also seeing significant advances in the way in which we compute so you address your computing differently with artificial reality. people can have consultations with advisors. so the whole -- then high-frequency trading technologies used for market making. all of these changes in the way in which we work with our technology and what our technology does for us will hit very early on financial services, fundamentally transform. and that's not to mention the
bitcoin telling we were talking about. our view is to find a segment fairly disrupted by this. harness one of the technologies for competitive advantage and use it to build a business for the longer term. maria: within financial services? glenn hutchins: within financial services. we only want to operate in areas where we have fundamental domain expertise in which we can select a very small number of bits in which to concentrate our risk and focus our management attention. attention. maria: glad to see ♪
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price index is out web existing home sales it out and durable goods numbers. we'll see if we get another 3% growth number on gdp. we have big names coming out like halliburton and netflix and texas instruments. meanwhile there are reports out there of possible breakup of general electric. the beleaguered stock is down 40% in the last 12 months. it will be reporting earnings wednesday. next week i'll be live from the world economic form in davos, switzerland. tune in for a one-hour special edition of "wall street week." plus i'll see you sunday morning.
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